Fintech sector is evolving at a faster pace and securing funding is often the first step towards significant innovation. Bengaluru-based Multipl startup lately secured $1.5 million (Rs 12 crore) funding led by Blume Ventures and MIXI Global Investments, Inc. The company previously secured $3 million in May 2022 and it was backed by Blume Ventures, GrowX Ventures, IIFL and Kotak Securities Limited.
Multipl was founded by Paddy Raghavan, Jags Raghavan and Vikas Jain in 2020. It allows users to invest in mutual funds through partnerships with brands. It has a unique format of financial planning and dubbed as “spend vesting.” The concept is unique and enables to save as well as invest for future lifestyle expenses.
The fresh funding is learned to help in the growth of the company. The capital will help in enhancing features and introduce disruptive innovations. The main goal is to help more Indians embark on their financial planning journeys.
The platform has formed more than 100 valuable brand partnerships and achieved 500,000 downloads. It aims to integrate financial planning into everyday transactions. It aims to encourage users to save and invest as they shop. The integration is further enhanced by the introduction of ‘Open Goals,’ which is a feature that allows users to invest for future expenses through collaborations with leading brands.
The innovative “window shopper widget” is another notable feature of the platform. It embeds financial planning options directly at the online point of purchase. It ensures that consumers are constantly reminded and encouraged to save and invest.
Multipl operates in a competitive space. A significant number of similar players are available in the market. Groww, AngelOne and PhonePe are some major players. However, it is important to note here that Multipl has a unique model. It combines mutual fund investments with lifestyle spending. This is grabbing more attention.
